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The Impact of the 2013 CAP Reform on Land Capitalization

Pavel Ciaian, d'Artis Kancs and Johan Swinnen ()

No EERI RP 2014/07, EERI Research Paper Series from Economics and Econometrics Research Institute (EERI), Brussels

Abstract: Decoupled direct payments were introduced in the EU in form of the Single Payment Scheme (SPS) in 2005. The 2013 CAP reform changed both the implementation of the SPS and its budget. We assess the possible effects of the 2013 CAP reform on EU land markets; in particular the capitalization of the SPS in land rental values. Our analyses suggest that the implementation details of the 2013 CAP reform will largely determine the impact of the SPS on land markets. The key ones are the reference period for entitlement allocation, regionalization, payment differentiation and budgetary changes. Our analysis also implies that a number of relatively minor policy changes could have substantial impacts on land markets.

Keywords: Capitalization; decoupled subsidies; CAP reform; land market; land prices. (search for similar items in EconPapers)
JEL-codes: H22 L11 Q11 Q12 Q15 Q18 P32 R12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr and nep-ure
Date: 2014-03-07
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http://www.eeri.eu/documents/wp/EERI_RP_2014_07.pdf (application/pdf)

Related works:
Journal Article: The Impact of the 2013 Reform of the Common Agricultural Policy on Land Capitalization in the European Union (2014) Downloads
Working Paper: Possible effects on EU land markets of the 2013 CAP reform (2014) Downloads
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